The European Union should revise its fiscal rules to allow governments to spend ...
BRUSSELS - The European Union should revise its fiscal rules to allow governments to spend more on policies to fight climate change and infrastructure, an independent advisory body said on Tuesday.
In its annual report, the European Fiscal Board - which advises the EU’s executive European Commission - said the rules present “a number of weaknesses.” The EFB, which is in charge of assessing EU fiscal policies, proposed similar changes last year but they were not enacted. Its call could carry more weight this year as the European Commission is carrying out a periodic review of fiscal rules.
But Germany, the EU’s largest economy, has resisted changes, fearing they could reduce pressure on countries with large public debts, such as Italy and Greece, to pursue structural reforms.The EFB acknowledged in its report that highly indebted governments have done little to reduce their debt burden, but recognized that the efforts required by a strict interpretation of the rules might have been disproportionate.
To address these shortcomings, the EFB suggested moving away from uniform fiscal targets and tailoring goals to individual nations.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EU tells Facebook, Google and Twitter to take more action on fake newsThe EU acknowledged tech companies have taken steps to be more transparent but said 'there is more work to be done.'
Read more »
Facebook, Google, Twitter urged to do more to combat fake news in EUFacebook , Google and Twitter must do more to tackle fake news or face regulator...
Read more »
Johnson election bid fails, E.U. delays Brexit to end of JanuaryLawmakers rejected Prime Minister Boris Johnson's call to hold an early election as a way of breaking the political deadlock over the country's stalled departure from the E.U.
Read more »
EU hopes to endorse Brexit delay to January 31 with earlier departure possible: sourcesThe 27 European Union countries that will remain after Brexit hope to agree on M...
Read more »
EU set to agree a Brexit extension until JanuaryThe European Union is set to give the U.K. three more months to exit the bloc, according to a draft seen by CNBC.
Read more »
The EU agrees to delay Brexit until January 2020The EU leaders agreed to delay Brexit until at least next year after Boris Johnson was forced reluctantly to seek an extension.
Read more »